The Michelin Group is in exclusive discussion with Camso Group’s main shareholders to acquire “all outstanding shares” of the Quebec, Canada-based off-road tire and rubber tracks manufacturer.
According to a Michelin press release, the outcome of the discussions and a detailed communication will be released “in due time.” If successful, the agreement would be submitted to the proper authorities.
Privately held, Quebec-based Camso makes tires, tracks and track systems for construction and agricultural machinery, dirt bikes, snowmobiles and conveyor belts. It doesn’t disclose financial results but employs 7,500 people across 26 countries, according to MarketWatch.
Recently, Michelin North America’s retread business celebrated a decade of business with another company under its ownership – Lehigh Technologies, a Georgia-based company that manufactures Micronized Rubber Powders.